What exactly is the best method to locate great investment properties in Austin?
Posted: Nov 03, 2016
Our parents always told us to be blessings to other- so we try to help any chance we get…
Nine times out of ten, the one question that every local Austin investor has ready to ask is, " What exactly is the best method to locate great investment properties in Austin?"
Sell Your House Fast Austin: With the flood of foreclosure deals all but dried up (compared to where they were a few years back)… people are having to get more creative in finding the best deals on great local Austin investment properties.
We source our properties from a variety of marketing routes… online, offline, etc… so there is no one way that is the best way to find good investment properties in Austin.
The info below will walk you through some of the things you can do to find great Austin investment properties to add to your portfolio.
Most investors are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That's not how we work. Working together with other investors allows us to do things we can't do along.
We want to improve the quality of investment in Austin, and help to restore the prestige and reduce the stigma associated with investing. We share what we've learned and our philosophies in the hope of showing investors the "right way". Basically, we are all investing in the same communities, so it makes sense to do it right.
There's a few core principles that are important to understand if you want to get the best investment property deals.
First, think long term.
Real estate isn't like the stock market. It's where people live, work and play – not just numbers on a screen. It's virtually impossible to make a crazy amount of cash in a short-term real estate deal, those come few and far between.
People have been investing in Real Estate since the dawn of time, so don't expect that your "new" approach is going to blow the competition away. Sorry to bust your bubble, but chances are that it's been tried before and there's a reason it's not that prevalent. Thinking long-term means learning from the past to better anticipate the future.
Also, realize that real estate investing is a marathon not a sprint. Being successful as a real estate investor means being steadfast, stubborn, and patient. Don't be in a hurry to conquer the investing world- It's going to take time, but if you stick with it you can be more successful than you can imagine.
That's why it's a great idea to find several sources of properties that fit your criteria (like our Austin Investment Property Buyers List>> ) so you have a heavier flow of great deals to look at.
This is important… Relationships are crucial. You want to find the best Austin investment properties have a great relationship with local brokers, realtors, lenders, title companies, and investors.
I guarantee that the Austin investment world is so much smaller than you think.
Most investors don't realize that there are really only a handful of major wholesalers, brokers, and investors who conduct most of the business in the Austin market.
You may have been in the same boat as most investors and hadn't realized this, but that's because the key players usually work with the same people on a regular basis. Unless you have occasion to work with them chances are you'll never get to see how lucrative their friendship can be. It's worth the time and effort to find them and learn from them. If you can, work with them. Once you develop a good network, they'll become your best source of high ROI deals.
How do you form a relationship with them? We'd advise going to your local REIA ( Real Estate Investing Association) and talking with the most active investors there.. Ask the most active folks there which good ( by good I mean actually have deals priced at wholesale vs retail- there's a huge difference)wholesalers in Austin are active- get their info- and make sure to find out which realtors, and title companies they work with. As a matter of fact- let anyone you meet at the REIA know that you are looking to buy Austin investment properties that fit your parameters- you never know who your next deal is going to come from. Learning how to find good investment property in Austin isn't a hard thing… but relationships can be a key element in getting some of the best deals on properties that no one else has access to in the Austin market.
Get Cash for Your Austin House: Who should you form relationships with( Hopefully all the random symbols will really make you pay attention ;-))?
- A few of the top investment friendly real estate brokers in Austin – – –
- A couple real estate appraisers who deal w/ the types of properties you deal with- – –
- The top notch handful of property wholesalers in the area- – –
- The best Austin property rehabbers/flippers- – –
- Title agents that deal with investment properties a good deal- – –
Third, identify your target investments.
Investing in Austin is the same as investing in any other city on the planet, you have to be focused. You have to mine your niche- focus on what will make you money. Some people make millions just in parking garages or storage units.
Others are experts in residential rentals, while others deal strictly with retail. If you take the time to do your homework, you can assess the different segments of the Austin market to see which opportunities are really the best for you – and not just the best marketed. Once you find exactly what you want to invest in, you can develop a plan to find out who currently owns it and make sure that they know to call you when they want to sell that property.
Although it takes quite a bit of work- it's the most dependable strategy to create long-term, generational wealth.
Last, but not least…. use TECHNOLOGY
We frequently source investment properties for deep discounts, secure them and then sell them for a discounted rate to the people on our list who are ready, willing and able to invest. There's other ways to get notified about properties on the open market – you should get familiar with searching the the local mls with the rest of the herd, because every once in a blue moon a great deal shows up.
We don't buy any properties that would result in anything resembling an average or below average ROI – we only pass along great deals to our partner investors. We're not real estate brokers, and our business is a niche within Austin.
"Quite often investors are willing to pay cash for a home and with the recent tightening of financial restrictions, coupled with the growing number of complaints about low appraisals, having a cash buyer has become even more appealing."